Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Oil prices climb as pipeline remains shut * U.S. oil prices hit their highest levels in more than two years on Friday after the continued shutdown of a pipeline running from Canada to the United States was expected to reduce supply into Cushing, Okla., a major storage facility.

U.S. West Texas Intermediate (WTI) crude futures settled up 93 cents, or 1.6 percent, at $58.95 a barrel.

TransCanada Corp.'s 590,000 barrel-per-day Keystone pipeline, linking Alberta's oil sands to U.S. refineries, shut on Nov. 16 after a spill was found in South Dakota.

It is not clear when the pipeline would return to operation, but it carries a large portion of crude into Cushing, the delivery point for WTI futures, so its shutdown means fewer barrels going into storage.

Mexico revokes Monsanto permit in 7 states * Monsanto Co. said Thursday that Mexico's agriculture sanitation authority SENASICA had revoked its permit to commercialize genetically modified soy in seven states, criticizing the decision as unjustified.

Monsanto said in a statement that the permit had been withdrawn on unwarranted legal and technical grounds. The company said it would take the necessary steps to safeguard its rights and those of farmers using the technology, but did not elaborate.

Mexican newspaper Reforma cited a document saying the permit had been withdrawn due to the detection of transgenic Monsanto soya in areas where it was not authorized.

The revocation applies to the states of Tamaulipas, San Luis Potosi, Veracruz, Chiapas, Campeche, Yucatan and Quintana Roo and follows a 2016 legal suspension of the permit.

French court blocks two Dow pesticides * A French court suspended on Friday the license for two pesticides made by Dow Chemical, citing uncertainty over environmental risks including their impact on bees.

The preliminary ruling by an administrative court in the city of Nice overturned a decision by France's top health and environment agency to grant a permit for the Closer and Transform crop chemicals. …

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